7 Oct 2015director officer appointment● Neutral
Amanda Sparks, a chartered accountant, is appointed joint company secretary alongside Peter Ironside. She will continue to provide part-time accounting and financial management services.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Oct 2015material agreement● Neutral
New consultancy terms for CEO Fink (8 days a month) and Executive Chairman Tchacos (4 days), each at A$1,500 a day with no fixed pay, for 12 months to 30 September 2016. Additional days are half cash, half shares, the share portion subject to shareholder approval.
28 Sept 2015director officer appointment● NeutralMajor
Managing Director Dr Wolfgang Zimmer is removed and his consultancy terminated, though he stays as a non-executive director. Paul Fink becomes CEO and Ian Tchacos Executive Chairman, with a revised growth strategy promised.
8 Sept 2015half year report● Neutral
Half-year to 30 June 2015: net loss $1.02m, with $728k exploration now expensed after a voluntary accounting policy change (comparatives restated). Gulfsands US$1.5m was received in February 2015. No significant asset transactions in the period.
31 July 2015quarterly activities report● Neutral
June 2015 quarter report: the Parta 30-month extension is signed, with government ratification expected by September, and farm-out talks can resume. ADX reviewed ENI data on the Italian d363 permit (Nilde field). Riedel stake is now 17.61%.
31 July 2015quarterly activities report● Neutral
June 2015 quarter Appendix 5B: cash fell to $1.375m from $1.976m, with no financing. Next-quarter outflow is estimated at $445k.
19 June 2015regulatory community update▲ GoodMajor
A 30-month extension of the Parta (EX-10) exploration period is signed with Romania's mineral resources agency, subject to government ratification. It resolves the extension sought since land access delays, and lets ADX resume farm-out talks on the permit.
12 June 2015other● Neutral
Share registry Computershare moves its Perth office to 172 St Georges Terrace from 15 June 2015. Administrative notice only, no substance for the company.
26 May 2015investor presentation● Neutral
AGM presentation repeating known facts: 656m shares on issue, market cap about $3.28m at 0.5c, and an 18% Riedel stake. Targets Dougga and d364 farm-outs in Q4 2015 (earlier guidance was Q3 for d364) and Parta farm-out in Q3 2015, with appraisal and exploration wells in 2016.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter Appendix 5B: cash rose to $1.976m from $707k, mainly from $1.692m of investing inflows (including a $108k farmout deposit refund and $20k bond). Next-quarter outflow is estimated at $575k. No financing in the quarter.
30 Apr 2015quarterly activities report● Neutral
March 2015 quarter report: Parta land access work continues, with legal proceedings the key item, and ADX will apply for an exploration extension. Evaluation of the new Italian d363 permit (Nilde field) continues, and Tunisia 3D seismic and farm-out talks go on. Gulfsands US$1.5m recovered.
30 Mar 2015annual report● Neutral
Annual report for calendar 2014. The chairman says the Q4 2014 capital raising and the Gulfsands settlement leave ADX in a strong cash position relative to its low overhead, though lower oil prices have delayed farm-outs. Parta extension is being sought. Text is truncated.
26 Mar 2015other● Neutral
Administrative notice giving new phone and fax numbers for the Subiaco office. No substance beyond contact details.
18 Mar 2015other● Neutral
Administrative notice: ADX's registered office moves to Suite 14, 210 Bagot Road, Subiaco, WA. No impact on operations.
9 Mar 2015regulatory community update▲ Good
Tunisia grants a further six-month extension of the Kerkouane exploration period, to 7 August 2016. ADX is still seeking a partner to fund the next well, and says several North Africa-focused companies are reviewing the asset; no binding offer yet.
3 Mar 2015joint venture update▲ Good
Gulfsands pays the final US$254,648 under the settlement. This completes the payments for the Chorbane dispute.
12 Feb 2015joint venture update▲ Good
Gulfsands pays the first US$1.25m tranche of the US$1.5m settlement. The remainder falls due at the end of February 2015 once certain conditions are met.
4 Feb 2015joint venture update▲ GoodMajor
ADX and Gulfsands settle all claims: Gulfsands agrees to pay US$1.5m, with ADX to provide further documents by end of February 2015. The English court proceedings will be discontinued. Resolves the dispute that began in August 2014 over the Chorbane payment.
30 Jan 2015quarterly activities report▼ Bad
December 2014 quarter report: two advanced-stage Dougga farm-out candidates declined, though several new companies have started reviews. Parta land access obstruction means ADX will seek an exploration extension. Gulfsands court case continues, with summary judgment hearing set for 9 February 2015.
30 Jan 2015quarterly activities report● Neutral
December 2014 quarter Appendix 5B: cash rose to $707k from $416k after $939k of net share proceeds. Next-quarter outflow is estimated at $605k. English High Court summary judgment hearing on Gulfsands' US$1.5m is set for 9 February 2015.
10 Nov 2014capital raising announcement▲ Good
The share purchase plan, priced at 0.9 cents and capped at $250,000, closed 5 November oversubscribed by about 40%. Proceeds join the October placement to fund Tunisia and Romania exploration and working capital. Completes the raising begun on 14 October.
4 Nov 2014resource reserve update▲ GoodMajor
In-house study adds prospective resource up-dip of Dougga: best estimate 47 mmboe (low 39, high 65), gross, kept as prospective until drilled. Combined with existing contingent resource, Dougga best case rises to 220 mmboe, 27% higher. Delivers the up-dip estimate promised on 14 October.
31 Oct 2014quarterly activities report● Neutral
September 2014 quarter report: Dougga and Dougga West farm-out talks continue, aiming for a deal this calendar year. Parta land access delays have led to legal proceedings, with up to two wells planned for first half 2015. All four Sicily licences held 100%.
31 Oct 2014quarterly activities report● Neutral
September 2014 quarter Appendix 5B: cash fell to $416k from $665k, with no financing in the quarter. Next-quarter outflow is estimated at $575k, with the $750k placement, up to $250k plan and Gulfsands money expected as inflows.
21 Oct 2014admin correction● Neutral
Required disclosure on the placement: 83,333,333 shares issued, 54,536,717 under the 7.1A capacity (9.1% dilution) and 28,796,616 under 7.1. Not underwritten; lead manager fees are $35,000.
17 Oct 2014capital raising announcement● Neutral
Offer documents for the share purchase plan sent to eligible shareholders: up to A$15,000 each at 0.9 cents, capped at $250,000. Each director intends to apply for their full 1,666,666 shares. Administrative follow-up to the 14 October announcement.
14 Oct 2014capital raising announcement● Neutral
ADX offers eligible Australian and New Zealand shareholders up to A$15,000 each of shares at 0.9 cents, capped at A$250,000 (27.8 million shares). The price is a stated 17% discount to the recent average. Closes 5 November; follows the placement.
14 Oct 2014investor presentation● Neutral
Revised version of the 8 October activity update, adding detail on the Dougga gas condensate discovery. ADX says it will soon announce extra prospective resource estimates for up-dip potential, based on its revised seismic interpretation. Farm-out and drilling timetable otherwise unchanged.
14 Oct 2014capital raising announcement● NeutralMajor
ADX completes a placement of 83.3 million new shares at 0.9 cents to raise $750,000, led by BBY. Funds go to Tunisia and Romania exploration work and working capital. A share purchase plan of up to $250,000 at the same price follows, diluting existing holders.
What it means for a shareholder
83.3m new shares at A$0.009 to raise about A$750,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (111,111 at the issue price), your slice goes from 0.0204% to 0.0177% of the company. To keep it you'd need 16,971 more shares - about A$153 at the issue price.
Create a free account to see this worked out for your own holding.
8 Oct 2014investor presentation● Neutral
October 2014 activity update repeating known assets and plans: Dougga farm-out targeted Q4 2014, Parta farm-out Q4 2014 and two Romanian wells in Q2 2015. Shows 545 million shares, market cap of about $5.45m at 1 cent, and a recent cost-cutting restructure.